Erika Kauzlarich-Bird

29 posts tagged with For-Sellers:

In
today’s housing market, where supply is very low and demand is very
high, home values are increasing rapidly. Many experts are projecting
that home values could appreciate by another 5%+ over the next twelve
months. One major challenge in such a market is the bank appraisal.

If prices are surging, it is difficult for appraisers to find
adequate, comparable sales (similar houses in the neighborhood that
recently closed) to defend the selling price when performing the
appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures
the disparity between what a homeowner who is seeking to refinance
their home believes their house is worth, and an appraiser’s evaluation
of that same home.

Every
year at this time, many homeowners decide to wait until after the
holidays to put their homes on the market for the first time, while
others who already have their homes on the market decide to take them
off until after the holidays.

Here are seven great reasons not to wait:
Relocation buyers are out there. Many companies are still hiring
throughout the holidays and need their employees in their new positions
as soon as possible.Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.You can restrict the showings on your home to the times you want it shown. You will remain in control.Homes show better when decorated for the holidays.There is less competition for you as a seller right now. Let’s take a
look at listing inventory as compared to the same time last year:
The desire to own a home doesn’t stop when . . .

The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report
last week. The report revealed that severely lacking inventory across
the country drained sales growth and kept home prices rising at a steady
clip in nearly all metro areas. Home prices rose 5.3% over the last
quarter across all metros.

Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:

“Unfortunately, the pace of new listings were unable
to replace what was quickly sold. Home shoppers had little to choose
from, and many had to outbid others in order to close on a home. The end
result was a slowdown in sales from earlier in the year, steadfast
price growth and weakening affordability conditions.”

The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report
which revealed that sales rose 0.7% month-over-month, but remain 1.5%
lower than they were a year ago. Some may look at these numbers and
think that now is not a good time to sell their house, but in fact, the
opposite is true.

The national slowdown in sales is directly tied to a lack of
inventory available for the buyers who are out in the market looking for
their dream homes! The inventory of homes for sale has fallen
year-over-year for the last 28 months and has had an upward impact on
home prices.

NAR’s Chief Economist Lawrence Yun had this to say,

“Home sales in recent months remain at their lowest
level of the year and are unable to break through, despite considerable . . .

Six months ago, we reported
that the mismatch between the type of inventory of homes for sale and
the demand of buyers in the US was causing the formation of two markets.

In the starter and trade-up home categories, there were significantly more buyers than there were homes for sale, causing a seller’s market.
In the premium, or luxury, home categories, the opposite was true as
there was a surplus of these homes compared to the buyers that were out
searching for their dream homes, which created a buyer’s market.

According to the National Association of Realtors latest Existing Home Sales Report,
the inventory of existing homes for sale in today’s market is at a
4.2-month supply. Inventory is now 6.5% lower than this time last year,
marking the 27th consecutive month of year-over-year decreases.

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke appreciation down ever further into four
price ranges which gives a more detailed view than simply looking at the
year-over-year increases of the national median home price.

The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).

It is important to pay attention to how prices are changing in your
local market. The location of your home is not the only factor in
determining how much it has appreciated over the . . .

Freddie Mac, Fannie Mae, and The Mortgage Bankers Association are
all projecting that home sales will increase in 2018. Here is a chart
showing what each entity is projecting in sales for the remainder of
this year and the next.

As we can see, each entity is projecting sizable increases in home
sales next year. If you have considered selling your house recently, now
may be the time to put it on the . . .

The National Association of Realtors (NAR) keeps
historical data on many aspects of homeownership. One of the data
points that has changed dramatically is the median tenure of a family in
a home, meaning how long a family stays in a home prior to moving. As
the graph below shows, for over twenty years (1985-2008), the median
tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

Why the dramatic increase?

The reasons for this change are plentiful!

The fall in home prices during the housing crisis left many
homeowners in a negative equity situation (where their home was worth
less than the mortgage on the property). Also, the uncertainty of the
economy made some homeowners much more fiscally . . .

by The KCM Crew
on June 20, 2017
in For Buyers, For Sellers, Move-Up Buyers

CoreLogic’s latest Equity Report revealed
that 91,000 properties regained equity in the first quarter of 2017.
This is great news for the country, as 48.2 million of all mortgaged
properties are now in a positive equity situation.

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

“One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.”

Frank Martell, President and CEO of CoreLogic, believes this is a great sign for the market in 2017 as well, as he had this to say: